More than 51,000 traders incurred losses on Kanye West’s recently launched memecoin, highlighting the potential risks of trading celebrity-endorsed tokens with no intrinsic technological utility.
The data-ct-non-breakable=”null” href=”https://cointelegraph.com/news/yzy-token-bloodbath-sees-coordinated-snipers-extract-millions-from-kanye-fans” title=”null”>Kanye West-linked YZY (YZY) token was launched on the Solana blockchain on Aug. 21. It rallied 1,400% within the first hour before losing over 80% of its value.
Of the 70,200 traders who invested in the celebrity-endorsed token, more than 51,800 realized losses, with three traders losing over $1 million, according to blockchain data platform…

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